Property Market Information: Western Sydney development receives further stimulation

By the resi financial blog team, 12 August 2014

The New South Wales government has pushed for further development in Western Sydney's growth, releasing another 2,500 home sites to be constructed following alterations to the state's planning polices. This could offer a wonderful opportunity for potential property construction projects in the near future, whether this be for occupation or investment purposes.

Minister for Planning Pru Goward said recent changes to the state's Growth Centres State Environmental Planning Policy opened up more areas for development, with the aim of promoting a more affordable housing choice in the New South Wales' capital city property market.

"New suburbs in Western Sydney are expected to be home to half a million people over the next 25 years so it's crucial for us to get the planning right now. These are exciting changes which will meet the needs of Sydney's growing population," said Ms Goward in an August 10 statement.

"The changes mean a Western Sydney home buyer will have more choice of home type, and may also save up to 10 per cent on the cost of their new home. The amendment allows sensible smaller lot development and a variety of medium density housing choices that will encourage builders to develop house and land packages to sell for $400,000 or less."

Some of the changes include streamlining the approval pathways to help reduce construction costs and diversify the types of real estate being built in the area. Furthermore, a new standardised minimum lot size will help quality control and overarching development of property in the area.

Now could be the perfect time to get in touch with financial providers to begin discussing the home loan options available to you, in order to begin pursuing your own property goals in the near future.